The Libyan Investment Authority (LIA) will begin preparations this month to start reporting consolidated financial statements after announcing it had $68 billion in largely frozen assets following its first internal evaluation process in years.
Reuters said that LIA is working to regain the trust of the international community after the United Nations froze most of its assets during the 2011 revolution, adding that its first asset valuation since 2012 has revealed assets of $68.35 billion at the end of 2019 compared to $67 billion in 2012.
LIA now plans to begin releasing financial statements on an annual basis, said chairman Ali Mahmoud Hassan Mohamed in an interview with Reuters, and it was preparing statements with EY acting as auditor.
In an email to Reuters following the interview, LIA said it may take a year and a half to publish the final financial statements once they had been audited.
“Through this process we will have a solid foundation for proceeding to invest,” LIA chairman said, adding that these are successes in governance and compliance with the Santiago Principles.
“The principles aim to promote good governance, accountability, transparency and prudent investment practice. LIA was 98th out of 100 sovereign and public pension funds in a 2020 ranking of their sustainability and governance by Global SWF, an industry data specialist.” LIA said.
